Iowa Admin. Code r. 571-50.3 - Bond required before issuance of title or registration
(1)
Procedures. An applicant for certificate of title who cannot
provide the supporting documents required in 571-Chapters 46 and 47
(implementing Iowa Code chapters 321G and 321I) shall be required to complete
the following procedures as a condition to obtaining a title and registration.
The procedures described are in addition to the regular procedures for titling
and registering a vessel.
a. The applicant
shall submit a request form to the department on a form provided by the
department. The request form shall include a copy of the written proof of
ownership at the time the vessel was acquired.
b. The applicant shall contact the department
and provide identifying information in regard to the vessel. The required
identifying information shall include the manufacturer identification number;
registration sticker (if affixed to the regulated vessel); photographs of the
vessel that show the front, rear, and one side of the vessel; and any
additional information about the vessel as may be requested by the department.
If no manufacturer identification number is currently affixed to the vessel,
the applicant shall complete the department's procedure for obtaining such
number, and the assigned number shall be affixed before the applicant may
proceed with the registration application process set forth in this
chapter.
(2)
Investigation. The department, upon receipt of sufficient
identifying information from an applicant, shall:
a. Search the department's registration
records to determine whether there is an owner of record for the vessel and
whether the vessel has been reported stolen or embezzled;
b. If the department finds a record of prior
ownership in the department's registration records, mail the release of
ownership and rights to the vessel by first-class mail to the owner of record
at the owner's last-known address. The notice shall state that the owner of
record may assert the owner's right to claim the vessel.
(3)
Letter of release. Upon
receipt of the letter of release by the last registered owner or legal
representative, the department may:
a.
Provide approval notification to the applicant and the county recorder that
there is sufficient evidence to indicate that the applicant is the rightful
owner and that there is no known unsatisfied security interest, so the vessel
may be registered and titled in Iowa.
b. Notify the appropriate authorities of the
owner's claim to the vessel. No further action will be completed by the
department.
(4)
Letter of release.
a. If the
department receives no response from the owner of record within 30 days after
the date of mailing or if the post office returns the notice to the department
as undeliverable, the department will continue processing the bond
request.
b. The department will
determine the current retail value for the same type of vessel for which the
registration is being sought with documentation from J.D. Power (formerly NADA)
or Kelley Blue Book or through competitive pricing found on the Internet, or
the applicant may submit an appraisal of the vessel by a licensed vessel
dealer.
(1) If the current retail value of
the vessel is $1,000 or less as determined by the department and is over 15
years old, the department may allow the registration of the vehicle.
(2) If the current retail value of the vessel
as determined by the department is more than $1,000, the department will notify
the applicant that the following requirements are needed to proceed with the
bonding process:
1. A completed registration
application form (as provided by the department).
2. Inspection of the vessel by a
representative of the department, with a signature required on the registration
application form.
3. A complete
surety bond form (as provided by the department).
(5)
Approval. If the department determines that the applicant has
complied with this rule, that there is sufficient evidence to indicate that the
applicant is the rightful owner, and that there is no known unsatisfied
security interest, the department shall forward the original application to the
county recorder and notify the applicant that the vessel may be registered and
titled in Iowa.
(6)
Disapproval. If the department determines that the applicant
has not complied with this rule, that there is sufficient evidence to indicate
that the applicant may not be the rightful owner, that there is an unsatisfied
security interest, or that the owner of record asserts a claim for the vessel,
the department shall not authorize issuance of a certificate of title or
registration receipt and shall notify the applicant in writing of the
reason(s).
Notes
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